Financing 3rd property with equity - how to?

[Kyle Reisz]

Hello all! I am looking to finance my third rental property. I have a full time job and excellent credit. I currently have two rentals: a duplex with a small mortgage and a SF that I own outright. Additionally, I have my personal SF with a $100K HELOC. My plan is to take some of that cash to purchase another property, wait the six month seasoning period, and then refinance to pay back my HELOC.

My question is: what is the best refinance product would allow me to accomplish this? I don't think I'd want a HELOC because repaying the loan in 10yrs would mean the property wouldn't cash flow much if anything. Right? If I use a traditional mortgage I'd need to qualify using my salary, which I may or may not be able to do.

How can I take this property I own outright and convert it to a  monthly payment that still lets it cash flow?